The demand for frozen products has increasing changed the lifestyles of people and rapid urbanization. Changing lifestyles coupled with urbanization is leading the growth of built-in appliances in Egypt.
Rapid growth in retail sectors, increase in hypermarkets further boost the sales of commercial refrigeration, thereby being a higher replacement cost. It is analyzed to have high costs. Advancement in technology and the rise in the hotel industry have to lead to the greater rise of basic amenities of life.
The key players in the sector manufacturing refrigerators are Daikin, Panasonic, and William refrigerators. There has been a positive outlook in the production in the consecutive years. As prices witnessed significant growth in 2018, consumers became increasingly aware of their spending habits, forcing them to reconsider purchasing a large appliance. They attempted to buy the best appliance they could for their budget. El Araby Group has continued to prove its capability of retaining its leadership of refrigeration appliances.
Egypt’s economic growth has been robust, averaging 5.3 percent in FY2017/18; a rate that was sustained through Q1-FY2018/19, driven by an expansion in the gas extractives, tourism, manufacturing, construction and ICT sectors. Private investment is picking up and net exports are improving. There is however evidence that non-oil private activities continue to be hampered by the cumbersome business environment, including non-tariff measures and poor institutional capacity at the borders that constrain trade. Consequently, job creation remains modest.
Economic growth is expected to reach 6 percent in the medium term, as key economic sectors continue to recover. Fiscal consolidation will be helped by an expected increase in tax revenues with accelerating growth and the envisaged tax administration reforms, and as energy subsidy reforms continue. Yet, debt servicing is expected to remain a burden on the budget, therefore hindering larger social spending, notably on health and education.
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